Gilbert, Arizona -- Velocity Retail Group’s Investment Division completed the $2,827,500 investment sale of two multi-tenant shops buildings totaling 15,463 square feet. The buildings are located at 709 & 727 W. Ray Rd., Gilbert, AZ 85233 and are shadow anchored by Leading Edge Academy.
Velocity Retail Group’s Brian Gast and Eli Castronova in partnership with Orion Investment Real Estate represented the Seller in the transaction (Cooper Square Center, LLC), an entity controlled by Crystal View Capital of Las Vegas. The Buyer, United Group, LLC was represented by Kevin Levine & Charlie Romanak of Peak Commercial headquartered in Woodland Hills, California.
The team at Velocity Retail Group was the exclusive leasing representative for the project over the past two years and recently brought the occupancy from 70% to over 90% thus positioning the property for the sale. This is one of several recent NNN investment sales completed by the Investment Division at Velocity Retail Group. “We were pleased to have created significant upside value for the Seller over the last few years and in turn helped deliver a solid income producing property for the buyer in a great trade area in Gilbert,” said Gast.